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Curt, As I mentioned in another thread, the interest rate on the underlying loans in a MBS is typically around 0.5% higher than the pass-through coupon rate. This 1/2% difference is the servicing and guaranty premium. The guaranty premium charged by Ginnie Mae on a Ginnie I pool is .06% leaving the lender...
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The other interesting point right now for those waiting to refinance when rates get to 4.50% is that a lot of the talk revolves around the program applying to purchase loans only. If that news hits and the industry responds with an adjustment for refinance loans rates will shot up significantly. And...